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if there's a backlash against that. phil lebeau, thanks so much for joining us. and you heard it first on "street signs," the demi-ashton indicate or. sanjay kapoor told us to look to invest in countries that have an older population like demi moore over a younger generation like ashton kutcher. well, it turns out the hollywood power couple watched them and they weighed in on the demi-ashton ratio via twitter. here are the tweets between the couple. ashton says to demi, "i love that we've become the demi-ashton ratio. lmao. you can figure out what that means on your own. it seems that i'm now a control factor in the markets. he goes on to say that -- this is ashton. "i love that i'm described as the beer-drinking party boy with no cash." i guess he feels like he's done a few things recently to make some money, and probably rightly so. but that's pretty funny. they're watching "street signs." let's take a look at the markets here as we get into the close. we were just barely in positive territory. at last check the dow has now turned negative just in the past few minutes. it's essential
results giving the home builders a boost.qú coming up, toll brothers ceo himself will give us his outlook for the housing market. here's how we finished the day. up side day we ended up the highs of the session but still up 1.27% on the dow. nasdaq the big gainers there the technology names. 1 1/2%. 28 points up side. and the s&p 500 the overall market up more than a full percent, 11 points higher. let's get more on today's action. bob pisani our eye on the floor at the new york stock exchange. hey, bob. >> hello, rebecca. as you mentioned, pretty much status quo on the fomc statement but a little bit of an upgrade on the economy talking about economic activity leveling out. that helped a little bit. let's take a look at some of the big movers. i'm with you, rebecca. i talked all day about toll brothers. the important thing is the company reported orders to buy homes increased 3.3% year over year. that's the first one in four years. one big reason was the cancellation rate only 8 1/2% that's magnitudes of orders better than the quarter before and the do quarters before. that's good news h
that was an important one he was watching, and he says that could mean that the technicals aren't going to take us much higher from here and that you could see some selling pressure come monday. still, the bull thesis remains. as the buck burns, things priced in dollars continue to reflate. we're seeing that also play out in the overall stock market side. on the fundamental side of the thesis, demand looks like it could potentially be improving. remember, earlier this week we got that very bullish inventory report, and john kilduff of mf global says that he's seeing some strength in the markets with stocks moving higher and also with the idea that perhaps really this is a genuine demand turnaround, that we are seeing some genuine strength in the markets. where we're not seeing strength is in natural gas. that is still on the weak side, rick, and it's more of a u.s.-centric story. natural gas versus oil. natural gas is u.s. oil, more world. back over to you in chicago, rick. >> well, thank you, rebecca. and it has been an unreal world in terms of treasuries this week. first of all, volume's been somewha
much for joining us. we appreciate it. >> you bet. bye-bye. >> real quick let's take a look at the market here before we go. on the day we're up 44 points but that doesn't really tell the whole story because we started down pretty significantly on the day. we've had i atriple-digit snapback. we were above 9,600 a short time ago. tjx, which is t.j. maxx, hitting a 52-week high. i'm melissa francis in for erin burnett. i'll see you here tomorrow as well. up next is "the closing bell" with maria bartiromo. >> announcer: this is cnbc.com "news now." >>> the treasury -- sold $28 billion in seven-year notes. >>> a&e networks is buying lifetime entertainment for an undisclosed amount. the deal gives nbc universal a partner with disney and hearse in a&e, a stake in lifetime which is jointly owned by its two partners. >>> sanford financial cfo james davis has pleaded guilty to three felony counts for his role in the firm's alleged ponzi scheme. that's cnbc.com "news now." first in business worldwide. i'm julia boorstin. >>> and there's a live picture of the floor of the new york stoc
's market action. joining us to discuss that is scott wren, equity strategy with wells fargo, and mary jane rapp, with fifth third asset management. thanks to both of you for joining us. >> hi, melissa. >> hi, scott. let me start with you. what do you think about the rally today? >> i don't think it's very surprising. we've had a big move in a short period of time. i think what you've seen here over the last couple of weeks is we've broken through some technical levels. you've got a lot of people that really missed most if not all of this move. you've got traders jumping in. you've got professionals jumping in. you've got retail investors jumping in. and i think a pause here, we didn't see much of a downturn at all here. so i think the momentum at least in the very short term is still going to take us a bit higher. >> scott, you think a lot of people missed almost all of this move? you think there's a lot of money in the sidelines? >> i do. melissa, earlier when we moved up off the early march lows, my feeling was hey, we're not getting any chasers in here, there's not much money coming in
. >>> and the mortgage bankers association reporting that the number of u.s. homeowners either delinquent on their mortgage payment or in some stage of foreclosure was up to a record 13.1% in the second quarter. certainly not the kind of record you want to see. we now have mary thompson with some breaking news. let me get right to headquarters with that story. ma mary? >> that's right, maria. this is on the gap, the company coming in with earnings a penny ahead of expectations at 33 cents a share. you might recall that about two weeks ago the gap reported, or said ha it would earn somewhere between 30 and 32 cents a share. beating on the bottom line at 32 cents a share. revenue at 3.3 and a quarter billion dollars. some other highlights. the company's second quarter same-store sales were down by 8% but that's better than the 10% decline we saw in last year's second quarter and its online sales actually increased in the second quarter by 17%. breaking down the company's different units on a same-store sales basis and keep in mind these are sales that have been open for more than a year. ga
to report just before, as you said, the closing bell. it took all of us off guard, i can tell you that. but let's get right to these numbers because that 24 cents a share that dell is reporting does include pretax expenses of $87 million, or about 4 cents per share for "organizational effectiveness actions. of course we'll get more directions and color on exactly what that means. but that 24 cents in fact does beat by a penny the 23-cent estimate. also on better than expected revenue. as you were talking about last hour, maria, certainly that is the important metric here to see that sales are improving at this company. $12.8 billion against the 12.6 or 12.7 billion that wall street was anticipating. gross margins, 18.7%. good news there. let's break it out by business sector as well because that is going to help tell this story. large enterprise revenues, $3.3 billion, right in line with expectations. public revenue a little bit of aw disappointment here. this is part of the government contracts that the company enjoys. 3.8 billion versus the 4 billion that some on the street were anti
in treasuries is giving us a new glimpse is that maybe we're getting a little long in the tooth in some of the positive moves in the equity market. and the last, out of that 75 billion about 16. -- 60.9 billion is maturing, which means $14.1 billion new money is going to be raised with that, to $75 billion in auctions.. it starts tomorrow with a $37 billion three-year note auction. now let's go back to bob pisani. >> now take it. thanks, rick santelli. taking a look at today's business headlines, bank of america and the securities and exchange commissions heading to court to defend their $33 million settlement over merrill lynch bonuses. a federal judge refused to sign off on the deal because it did not fully clear up the allegations that the bank misled investors or specified the basis for the amount of the settlement. cnbc's mary thompson will monitor the hearing, which begins at 4:00 p.m. >>> and boeing winning a nearly $1.2 billion contract from the canadian government to provide 15 chinook helicopters. boeing is expected to begin delivering the helicopters in 2013. and barnes & nob
want to start with some things that will give us insight into the consumer, whole foods and jack-in-the-box and papa johns all report after the bell. we'll get insight into the health of the u.s. consumer. sef fa lon and ea sports report as well, both stocks strongly to the upside. the nymex we have sharon epperson. >> a busy session in the electronic trading session today in the oil market as well with the oil inventory report coming out at 4:30 p.m. we settled down about 16 cents hovering around $71 a barrel as traders wait for this data to come out. we're also looking at the fact that after plunging to its lowest level since september, the dollar index today has been basically flat. that's another reason why we had rather lackluster activity in the oil complex today. what we're expecting according to the platt survey is for an increase in crude supplies of about 1.5 million barrels. gasoline supplies expected to be down. distill lats supplies expected to be higher. refinery runs continue to fall down to about 84% capacity. that cut in refinery run rates happening week after we
will stay with us throughout the hour. and next, to break things down and continue on this fed topic, scott, over to you. >> okay, rebecca. and what an interesting day in that the market picking up steam in the last 10, 15 minutes or so. right now the dow at the highs of the day, up 172 points. let's send it around the horn to get some more perspective on this market move. the nyse, the nasdaq, nymex, and the floor of the cme group in chicago. we start with bob pisani who's the eye on the floor of the nyse. >> basically, traders wanted the status quo, and by and large that's what they got. they got a little more positive comment on the economic situation. so here's why we're moving here. number one, basically unchanged from the fed statement, but more importantly, economic activity leveling out. a little bit of an upgrade from the prior statement. more finality on quantitative easing. you heard from steve, full amount purchased bit end of october. pretty much status quo for everything else. inflation remains subdued for some time and interest rates low for an extended period. look what happ
to restrict the fed's lending power and have an audit. steve joins us now from washington with more. >> maria, house financial services barney frank favors fed audits as long as he says it does not interfere with the independents of the fed when it comes to making monitoring policy. now, when congress returns next week, the key question is will there be stand-alone legislation or part of overall regulatory reform. ron paul has also introduced a bill to audit fed interest rate decisions. more than half the members of the house have signed on as co-sponsors. chairman frank is negotiating a possible compromise. frank also favors curbing the fed's lending authority to non-bank firms in unusual circumstances. like the multi-billion-dollar bailout of aig. and an exclusive interview with steve leaseman, bill dudley expressed concerns about congressional oversight going too far. >> congress has tremendous amount of oversight and ability to look at what the fed is up to. but shouldn't go so far to the extent that it starts to constrain the independent policy. if it starts to do that, then how the fina
. a management shake-up and an s.e.c. settlement for bank of america today. cnbc's mary thompson joins us now with the details. mary, a huge news day for b of a and the order of the announcements not lost on us in the media business. >> no, no, no. you had the settlement first and then quickly those management changes. melissa, the banking giant has laid out a succession plan for ceo ken lewis as well as settling s.e.c. charges that it made false and misleading statements about bonuses paid to merrill lynch employees. first to the changes in the c suite. b of a saying this puts a number of executives in line to replace lewis when he steps down.n. among them, 44-year-old sallie krawcheck, the former head of citi's global wealth management unit. she's joining b of a to run its global wealth and investment management business. cnbc's charlie gasparino reporting that aloung with krawcheck brian moynihan, now heaved consumer banking, tom montag, head of global markets, and now global corporate and investment banking, barbara desoer who is head of home loans and insurance and ceo joe price are the
for credit losses.s. they did say they did not need any fainl digsal financial aid from the u.s. government at this time. big caveat there. state street down here in the middle of the day. legal reserves related to its subprime mortgage portfolio may not be sufficient. goldman has been underperforming the market, particularly the bank stocks, for the last four or five days. a lot of commentary on that, there's citigroup up fractionally again here today. tradertalk.cnbc.com. i want to just close with priceline. the important thing is priceline had excellent earnings reports following orbitz, some of these other stocks. hertz and other big travel stocks did very well here in the past week. priceline now following next. melissa? >> all right.. bob pisani, thanks so much. taking a look at today's business headlines, mcdonald's july same-store sales rising 4.3%. that was better than expected because of a strong promotion of its new coffee drinks and a big jump in european sales. in the u.s. sales rose 2.6% as budget-conscious consumers hungered for the fast food chain's dollar menu. >>> southwes
with us as well. jeff, let me start with you. why do you think we gave back at the close here does it mean anything or just i little profit-taking over the weekend? >> i think the muted response to much better than expected data is important. this is the best non-sfarm payroll we've seen since back in august, prelehman brothers failure. but look what's priced in, high yield bond spreads, corporate bond spreads are also back to prelehman levels. today's data just confirms what we already know. and once the market's fully priced in a recovery there's no more wall of worry for the market to climb. we're not there yet but we're getting close. >> i don't know, bill, if i buy it was a muted response. look where we've come from from march. >> it's been a very impressive, very impressive bounce in the markets. our concern here is looking at the data today was certainly impressive on the surface but if you scratch below the surface it looks to us as though a big part of this -- big part of the improvement today was simply due to an auto inventory adjustment and benefits from the cash for clunkers p
from us russell investments and noah black from the dynamic u.s. growth fund. good to see you. not a lot of action today. mark, how do you feel about the fact that still the s&p managing to hold onto the 1,000 level? do you feel good about the markets or is now the time to take money off the table after the big run? >> i think no action today is a good day. the market has had a very strong obviously since march but quarter to date and just through yesterday. there was enough news out today, whether it was on the earnings front or economic news that had you mentioned at the top of the hour. investors if they wanted to take money off the table they could have. it was relatively flat all day. i think today' a relatively good day. things look positive moving forward, as well. volatile but things are looking better looking forward. i think you're seeing it today where investors are starting to believe it themselves. >> what's going to drives the market higher from here? earnings season seems to be winding down. congress is going to be leaving soon so they won't be able to do much.
is one of them, not that a prove of u.s. pay. time for the "closing bell." >> a new report from the american cancer society says tobacco use now drains about $500 billion a year from the economy. toyota will reportedly cut global production capacity by 1 million vehicles or about 10% according to japan's nikkei business daily. >>> a judge has dismissed a class action lawsuit against citigroup. >>> that's the cnbc news now. i'm julia boorstin. >>> and it's another tug of war on wall street today. the floor of the new york stock exchange. the market off the best levels of the session but nonetheless that, summer rally holds on. welcome to the close bell. i'm maria bartiromo along with scott wapner on the floor of the nyse where we see continuous buying in this market. >> you still hear that word resilient when describe the stock market. energy prices pulling back today. oil is down and yet the market is holding up fairly well. you know about the good news we got today on the housing front and certainly from the consume sneert case shiller report, better than expected on housing. w
unless there's end demand. and when you think of the u.s., that's consumers, consumers are weak, and they've been continuing to be weak. look at retail sales. consumers are in debt. they have to pay down their debt from credit cards to home loans. and their wages aren't going anywhere. so it's going to be a long road. >> we didn't see any revenue growth, or little revenue growth as opposed to earnings better than expected. >> you can only cost-cut your way to prosperity so far. that's it. >> and scott, david says very slow recovery. maria and i looked at these notes and we saw 6% growth third quarter? >> that's what you were expecting. >> we expect it to be 6% or higher in the third quarter. and the reason for that is, one, if you go back, you look at the auto production data, if you look at the wards production data for the third quarter, the last time we had this kind of a pickup in auto production was back in 1971, and that was associated with an 11.9% growth in gdp. i agree with david that a lot of the good news has already been discounted. the market is a discounting mechanism. but h
it away in a lot of spots because it used to be that kmart, sears, and all the other bigger stores had it, and then they took it away for a while. so to see it coming back, it's kind of nice. >> layaway has a 21st century twist by going online, elayaway.com lets you buy this way from 1,000 retailers. and business has supposedly doubled. sxur not going to believe what else is making a comeback. the christmas club. >> the clubs were normally at a bank where weekly you would go and make your payment to the bank and they would accumulate and pay you interest at the end of that time. >> those were the days. well, kmart now has a christmas club which is like a debit card you that add cash to and whatever total you have at mid-november kmart will add 3% of that amount up to 100 bucks. it's gaining some traction. not only that, they are bringing back the blue light special with blue lights, melissa. what is next? green jell-o? macrame? >> jane wells. all right. we love it. thanks so much. thanks for watching "street signs." i'm melissa francis in for erin burnett. have a great weekend. "the closi
picking up 2.5. all the action, bob pisani on the floor of the nys. >> it was enough to get us to new highs for the year. three to dow advancing to declining. financials leading along with retailers. >> $1.1 million shares. it's concentrated in a handful of financials. >> three financial stocks worth 25% of the volume for the second day in a row. the major movers, the day belonged to home builders. although mr. bernanke dominates the news on the top line, the case shiller home index coming in positive two months in a row that got traders talking here. you can see what's happening with the builders, many hitting new highs for the year. same situation with building material stocks. many of the big names are up 60 to 100% for the month here. you've got names like owens corning up 100 prers. trex on the upside. black & dekker also on the upside as well here. some of the other names, i want to point out the debate going on with the case shiller numbers because there's a dispute about how much distortion there is going on in the numbers. some people are talking about the distortions around
with nick, vice president of financial research at ms global. thanks for joining us. nick, back to school certainly one of the big issues here, one of the more important times of the year for the retail sector. what are you expecting going back into school and do you think the rally in retail is justified? >> i think it's going to be a sluggish back to school year. i think the market is ahead of itself in retail. and we need to have a little bit of a correction here. i just think people are going to continue to be a little bit cautious and you know, for that reason, i'm kind of playing for a little bit much a near-term correction. >> do you agree with that, eric? >> yeah, i think we would expect the consumer to reengage like they were in the 2006 seven era are going to be disappointed. what we're hearing from retailers so far is positive news on the back to school front. you know, there is a big move in consumer discretionary stocks, retail in particular. if we do see an economic recovery, there's probably more room to go in those stocks. >> what do you want to do? do you want to be inves
in a row now. so let's not make it into a gigantic move up, but modest move up certainly gets us back to where you started on friday. what's interesting today? the financial outliers. your fannie maes, your freddie macs moved up noticeably. aig, folks, all day i've been talking about it. 134 million shares is all that's out there after that 20 for 1 reversal stock split. it's traded 110 million shares today. this is a recipe for disaster if you are short the stock. that's the main thing that's moving it here. let's take a look at some of the retailers. you heard all day about sears, but take a look at some of the other ones. stage stores. dick's sporting goods also beat second quarter estimates, but their margins were lower and they had a decline in same-store sales. that was a bit of an issue. same-store sales were rose -- were upgraded a little bit for the full year here. and finally, gamestop having a really tough time of it overall. they missed their estimates and cut their full-year guidance. you can see that stock to the down side here. finally, i just want to mention what maria
there, used to be big correlations between interest rates and every sovereign during the crisis. that's something else that changed. look at a one-week chart of the ten-year in the uk. uk bringing back quantitative easing. they were virtually unchanged on the week of the 3.79 yield. but look at our market. right now p 3.85 you're 37 basis points higher on the week. now, it was started by short maturities because of the fed implications. maybe the market's going to do a little tightening. but if you take a one-week retrospective, the yield curve steepened almost 20 basis points, ten-year minus two-year yields. we do have 75 billion in supply last week, and the dollar's the talk of the day, but you have to look at the stellar part of which that strength came from. look at a one-week chart of the dollar-yen. yes, it was a floor hand a week from 94 1/2 to 95 1/2 to 96 1/2 to 97 1/2. don't see that very often. melissa francis, back to you. >> no, you don't. rick santelli, thanks very much. taking a look at today's business headlines the labor department reports july non-farm payrolls fell
the housing front. diana, what can you tell us? >> well, that's right, maria. sales are surging back thanks to the first-time home buyer tax credit and bargain basement home prices, but the bulk of the activity is on the low end of the market. sales of homes below $100,000 surged almost 39% in july. bump up another $100,000, and we're still in the positive, up 9%. but when you cross the quarter million line, it all goes south. and the higher the price, the more sales drop off. over a million, and sales are down 23%. over 2 million, down 32%. >> sales are still very sluggish on the very high end. one interesting development is that despite the historically low mortgage rate we are seeing increasing number of buyers bypassing the mortgages altogether, going all cash. >> now, granted, a lot of those cash buy querz are investors, but there are still great opportunities while that tax credit is still available. but experts say go in with your eyes wide open. >> you need to think about this purchase as a lifestyle decision rather than a short-term investment, and that's because we're probably not
-day decline we've seen since july 2nd. if it goes to minus 2.7 it takes us back to late june-b a two-month decline we haven't seen in two months.s. take a look at erts, electronic arts, down 7 1/2% here today, the worst performer in the e nasdaq 100. interestingly, it as well as wynn and liberty media all have been very hot and boy, are they cooling off in a fast way, discretionary stocks. express scripts, on a defensive day, it is one of the few gainers here today. also noticeable is microsoft. nobody's happy about a 1.7% giveback, but relative outperformance is real on wall street and it's what it is. it's not falling as much, nor is intel. ceflon, another drugmaker, strong here today. biotech stock up .7%. dell looking to get into the crowded handspace market via a deal with china mobile. with their new mini i-3 coming out later. interdigital down over 20% here today. a judge at the international federal trade commission ruled that nokia did not violate their patents. let's get down to brian schactman at the nymex. >> thank you, matty.. you talk about relativity.. i want to start
ugly here. microsoft and yahoo both to the up side. the ak filing gave us details about the search deal. ten-year deal, some exclusivity could end after five years but there are some disincentives on that. yahoo will get 50 million a year for the next ten years. microsoft will hire a couple hundred yahoo employees. research in motion according to reports launching their cheapest blackberry to date, costs you 48 bucks at walmart, called the gemini. also some favorable notes out from a couple analysts. now we'll get to the bad. it's not terribly bad. google down .6%. cisco, which reports, big report after the bell, down .8%. and oracle maybe this is getting into ugly territory, down 2.2%. ebay started the week so strong, of course on the cover of "barron's" and just difficulty with paypal and what's going to happen with skype, down 1 1/2%. ea sports of course had an earnings report and it's been weak all day, down 7.3%. but on the flip side let's get to some other stories. that was the good, bad, and the ugly, now we'll throw in the kitchen sink. garmin strong earnings, margin so much bet
.30. look at the right side how it's dangling. look at the u.s. ten year up a whopping four basis points on a quiet day maybe because stocks are up. it looks as though rates are going to go down. the uk is the last, in the mid 360s. the patterns aren't necessarily exactly the same but the right side of the charts are similar. is that a statement about questions about growth or is it a statement about maybe less supply in the future? we know that's not necessarily true for the u.s. no matter how you slice it, it looks a bit bearish. >> thanks very much. we have better than expected earnings out of the retail sector today. rebecca jarvis on that beat. >> it was stronger than expected quartly profits across-the-board. there's a caveat. the beats aren't because of sales growth or return of the consumer. instead, they are the result of heavy cost cutting and successful inventory management. home depot chairman and ceo frank blake says he doesn't expect to see same store sales grow till the second quarter. he topped expectations, raised guidance on earnings but sales fell 9% with the average
. sue, have a good weekend. >> thanks. you too, jim. appreciate it. we're joined by thomas lee, chief u.s. equity strategist at jpmorgan. welcome, tom, nice to have you here. your technical strategist made a call that says we're probably going to be on the s&p 500 at 1,043 by labor day. so that means we probably have a couple more weeks of up side potential here. but at this point are you aat all worried about that eight-day winning streak in the markets overall and the fact some people think we need to take a bit of a rest? >> i think it's a fair point, that markets don't rise every day. so we can have upticks continuously. i would say when i speak to investors most have really expressed concerns about not only into labor did i but over september, october. i think consensus is actually a lot more bearish than what you can tell by looking at a tape. >> okay. let's bring in david darst and talk more about this. he's chief investment strategist at morgan stanley smith barney. welcome, david. good to see you. >> so good to see you. and happy week leading up to labor day. >> exactly. those ca
in the next couple years as well. this consolidation, this pullback for us, we want to make sure that our clients are positioned for that next 12 to 24-month move. >> todd, what about you? what sectors do you like? >> we like the financials. home builders, consumer discretionary, strong price action in those groups, not crowded trades. wall street has been mainly pitching the quality names, the blue chip names that have underperformed, and we see great opportunities in these names via short covering upgrades. that's where we have our money. and we'd avoid some of the crowded trades like gold and some of the other commodity stocks. >> you're avoiding gold and some of the commodities names. that's interesting even as you expect the economy to recover. >> that is. it's simply through the fact we think it is a crowded trade. if something were to happen we don't expect and there would be a major pullback, we could see those names taking the brunt of the punishment. >> gentlemen, great conversation, we appreciate it, thank you. scott wren and todd salomone, we appreciate your time. meanwhile, t
and at the same time you're e probably six months ahead of actual growth in consumption expenditures in the u.s. so you're going to be in this funny, you know, currency period where you're probably going to be in a trading range and just stability is going to be the name of the game for all asset classes as we try and figure out where we are. >> all right.. we'll leave it there. gentlemen, great conversation as always. we appreciate your time.e. >> thank you, maria. >> we'll see you soon. take a look at some of the other stories we're following on the "closing bell" ticker tonight. regional bank bb & t announcing plans to sell $750 million in new stock to help boost its equity capital and for use in general corporate purposes. the announcement coming after bb & t agreed to acquire the deposits and assets of colonial bank group, which was shut down by the fdic on saturday. bb & t shares tonight down 6%. according to an s.e.c. filing, william ashman's pershing square capital management has sold its entire stake in wendy's arby's group. as of the end of march. pershing square was the fast food cha
on the state of the u.s. economy, but from a short-term tactical standpoint we've been playing upside call spreads in the s&p. >> so what are you buying for your clients now? what sectors are you buying? you're buying calls, did you say, in the s&p? ? that's right. >> that's a bullish position short term.. >> exactly. a few things. first thing, the vix is literally 50% of its level back in march. so you get much more exposure with a low vix than you get with a high vix. so you can buy a lot of options. we're still playing the s&p because we think the markets's still moving in a very correlated fashion. this is still a market where the macro considerations are still very important. >> you're getting a lot of bang for your buck because options are cheaper -- >> exactly. >> but what sectors are you buying? >> on the short side we still think the end demand from the consumer standpoint is not there. my colleague danny kirsch put out a piece this morning that said 50% of the xrt, is due to report in the next couple weeks, we just don't think the consumer's got the dollars to spend. on the long
mid-september. this is really the last meeting if the fed is going to have news for us probably to put it out in a timely fashion. we know there's another country that's embarking on upping quantitative aedsing, the uk. let's look at everybody's tenure, the six-month of our tenure. the three-year option didn't seem to an exhibit the markets. pay close attention to the pattern it, how relative high level based on the last significant high yield level in june. now let's look at the uk. even though the yields aren't the same, the patterns are remarkably the same. look at the euro zone. completely different pattern. yes, their yield's lower and has currency ramifications. >> what's the reason? i've asked people on the floor. two reasons reasons came out. one was maybe they expect it the u.s. and uk to come out of the funk first. you won't have gotten that from the bank of england's statement last time. maybe it's the quantitative easing and the government's involvement is something that doesn't have the consequence of keeping rates lower than thild otherwise be. michelle, back to you. >> t
and vegetable producer says it will raise up to $500 million in an ipo and use some of these proceeds to pay down debt. the company will list shares on the new york stock exchange under the ticker symbol dole. let's break down today's market action with david kelly, chief market strategist at jpmorgan funds, and bill greiner, chief investment strategist at scout investment advisers. guys, thanks so much for joining us. david, let me start with you. what do you think of today's action? >> the market was obviously spooked by a low consumer sentiment number but i think the markets got this one wrong. nobody has pointed out there are only 250 people surveyed in that survey. it's a very small survey. i think consumer sentiment is pretty stable, it's beginning to turn here. so i think the economy is turning right now. it's going to be much stronger in the third and fourth quarters. and i think the market got it wrong by selling off today. >> bill, actually, david makes a pretty funny point. i mean, nobody ever calls me. 250 people in this survey. how much credit do you give it fwh. >> david i thin
, and that leads us to believe that although we may pause here at 1,000 over the next several weeks we should be able to surpass that and move higher. >> how high? >> well, i think that we could see 1,050, that's not very far from here. where we stand now, that's obviously the next kind of little hurdle that we're going to have to cross. i don't think we're going to go back up to new highs anytime soon. there are going to be bumps in the road. but for now the trend really is your friend. >> chris, you also said the trend is your friend. does that mean you're sticking with things like technology which has done very well, material cyclicals, things that are leveraged to an economic recovery? >> we are indeed. we're trying to get in at the front end or the bottom end of that supply chain right noup if you look at some of the material companies out there, you look at steel, steel is very attractive to me right now. i know one of the local steel companies, ak steel, went from laying people off three months ago to now they've brought all those people back and they're working overtime. so we're star
business. the company is launching its first ever netbook. dubbed the booklet 3g, the netbook will use microsoft's windows software and intel chips but other details won't be released until early next month. >>> the u.s. bureau of prisons says that bernard madoff is not terminally ill and has not been diagnosed with cancer. that contradicts a report in the nrptd nrpt which cites unnamed prison sources as saying that madoff is dying of cancer and does not have long to live. we get more on the action on wall street as we talk with tony dwyer and hugh whalen, managing director at hartford allocation funds. gentlemen, good to have you on the program. >> hey, maria. >> what are you expecting to be the most important catalyst going into the fall? tony. >> i think it's going tonight payroll employment numbers, second derivative improvement and actually getting into positive numbers. i think you're going to need to see, again, the sequential improvements are right now more important than the actual numbers and they should continue to be pretty good. here's a great example. when you pull up a c
's the head of research over at barclays capital. so where are we here? the bulls are saying get used to better gdp growth. about 2 1/2% for the second half of the year. some have 3%. the bears say you're kidding yourself, there's no sales growth here, you're not going to be able to argue cost cutting and margin improvement, it's not going to work in the second half. so what's going to happen here? >> well, bobby, i think over the short term sometimes the market needs to tack a breather. a lot of the bullish arguments you just articulated are what have driven a lot of this rally. but at this point that's in the market. i would agree with the bears that the bar for expectations is going a lot higher in the second half. but i think it's too soon to really panic on what's going to happen down the road. so you see the market just sort of hovering around. a lot of people have missed this move, and they come in at the first -- at the slightest sign of a dip. so we're really not getting a lot of traction one way or the other here. >> you've got to admit, larry, he's right. the bulls are argu
, we send you a check for the difference, automatically. >>> these names stuck out to us. rich peterson at standard & poor's sent these along. they're 11 stocks that are up 1,000 pes or mo 1,000% or more since march 9th. dollar thrifty and avis. dana on that list. you can see the rest of them here as we'll flash them by. arvin, pier one, beazer. 16 are auto-related. the car rental companies and a lot like these, tenneco and sonic automotive. boise is a paper and packaging company. valassis, a new one tuesday, a media company. trw automotive. one more home builder in the form of beazer and of course pier one. doesn't are debt, can't kill it. thanks so much for watching. have a great weekend. and you have the final hour of trading and "the closing bell" starting now. >>> stocks stumble into the weekend. the worst one-day drop we've seen in a month. in fact, the first weekly drop we've seen in a month here today as investors take summertime profits and cool things off on a hot august day. hi, folks. i'm matt nesto. welcome to "the closing bell." we're live here at the new york stock exchan
. because it's the vast majority of the u.s. economy. thank you, rebecca. >> thanks. >> take a look at the dow jones industrial average. up more than 40% since its march lows. that's a nice chart, isn't it? earlier today on "the call" goldman sachs investment person abby joseph cohen said the bottom we saw a few months ago was the start of the next bull market. >> we do think that the new bull market has begun. it may prove that it began in march of this year. clearly, many people were looking for better signs on the economy, and we're now getting them. >> how much further does this market have to go? do these folks agree with abby joseph cohen with larry kudlow, who thinks we've also started a new bull market? here to break down today's trading action and give us their take, eric maranaki and john derek, director of research with u.s. global investors. good to see you. >> good to see you, michelle. >> eric, do you agree, is this the start of a new bull market? >> i think so. we've had two years of very tough performance and the decks were cleared in march and companies are reportin
on to that 9,500 level but only up about 5 3/4. >> we have people who think the momentum can carry us all the way to 10,000 despite the fact september is traditionally not a great month for the stock market, it's the worst performing month overall. energy's been strong, financials have been strong, and theoretically that's the way we should be able to do it, folks. here's the problem. you get little comments from key players that remind us we're still in a very difficult position and the financials tend to bifurcate. there's our story for the day. take a look at what's going on here. financials in two different positions. there's your outliers there. the important thing is high beta financials. that's your fannies and freddies and citigroup have been up huge today on big volume, and i mean massive volume. i'll show you in a minute here. dick bove had some comments on some of the regional banks they're all down, suntrust's ceo also had some comments. thak a look at what they had to say here. mr. bove, who is at rockdale, came out and said avoid all regional banks. that was a note that came
in the value of the marvel brand. we intend fully to not only use the marvel brand, but to use our distribution and our marketing platforms globally to help grow that brand. we think there are a number of opportunities for marvel stories and marvel characters to actually exist on disney platforms. >> the acquisition will boost earnings per share by fiscal 2012. saying that light pixar should benefit all of its platforms from theme parks and video games by attracting more boys. disney is trading down slightly today likely because it's paying partially for this deal with stock. the company says it will repurchase as many shares as it issues in this deal within a year. >> we think it's a difference of acquisition. if you look at disney, what's going on, i think on the studio side, on the creative downside right now, so they need something to reaccelerate the growth. we think marvel could potentially help them to do that. >> marvel is trading sharply higher today. the deal priced at ooh a share is nearly at 30% premium from friday's close. the big questions now are, with studio licensing deals like
'll tell you, for us, maria, we've been trying to get our clients less defensive and more cyclical in the u.s. market for the course of the last year. so hopefully, a lot of our clients have positioned themselves and have benefited from this move higher here. but certainly we think that we're going to see some consolidation, some pullback. we're very close right now to our year-end 2009 target. right now we don't really intend to change that. it's just a little bit over 1,000 in the s&p. so i think we're in for a period here of some sideways to down action. saying that, though, the market stayed -- the market has had a good bid, obviously. >> where are the most sort of topee areas of the market, then, do you think? where should i start taking some chips off the table? >> let's just say internationally. on the investment strategy committee we just recently backed off a little on emerging markets. obviously, they've had a big run here compared to the rest of the world. but as far as the united states goes, i think what we're trying to do is rather than take money off the table we've been trying
going to do with quantitative easing. one billionaire investor thinks the u.s. economy has bottomed. george soros says the stimulus has helped the economy find footing and thinks we we will see positive growth in the third quarter as a result. thomas lee is chief u.s. equity strategist. good to see you. thomas lee, do you agree with soros, are we going to see growth in the second half of the year? >> yeah, i think we're definitely going to see growth. a lot of the early signs from emerging markets gdp growth coupled with promising data on industrial prosecution support not only third quarter growing but start of a growth psych. >> is that all price in? we've had a huge rally. is that already in there? what does that mean for stocks snuks take a lot of the encouragements from what's happening. high yield bonds probably one of the best returns ever and you're starting to see very healthy flows into equity. i think there's still a lot of upside for stocks year end. >> eric ross, do you agree? >> i think we can. we're going to into the august season going to be choppy to flat here for a
, but a tax to the general population will not solve anything but the pocket of the u.s. treasury who can't seem to ever close the checkbook." we got a lot from you. a lot of people talking about the sugar lobby, something we'll tackle on another show. in the meantime final hour of trade coming with "the closing bell." >>> a successful 30-year auction briefly brings stocks to new highs. we faded a bit since then wp we're entering the final and most important hour of the trading day right now. welcome to "the closing bell," everybody. i'm bob pisani down on the floor of the new york stock exchange. hello, michelle. >> hi, bob, good to see you, i'm michelle caruso-cabrera in for maria bartiromo at cnbc global headquarters. right now the dow jones industrial average is lower by a 4r89 more than ten points. 9,351. the nasdaq pretty indecisive trade there as well, higher by nearly two points, sitting right now on the 2,000 mark. the s&p 500 pretty indecisive day but let's see as we go into last hour of trading higher by a little more than a point. 1,0067 is where the s&p stands right now. >> w
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